OECD nations should boost science innovation to drive long-term growth

Organization of Economic Cooperation and Development member governments should increase international cooperation and strengthen links between public research bodies and industry in order to boost science and innovation and drive long-term growth, according to a new OECD report.

OECD Science, Technology and Industry Outlook 2008 reviews trends and developments in science, technology and innovation policy in member countries, as well as six emerging economies, including China, Israel and the Russian Federation. It notes that emerging economies account for a sharply-growing share of global spending on R&D, up from 11.7% in 1996 to reach 18.4% in 2005, the most recent year for which data are available.

While the USA remains the world's leading investor in R&D, spending $344.0 billion in 2006, its share in global research investment has been falling due to weak business spending on this function. The share of the European Union-27, which includes France, Germany and the UK, has also declined.